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Compare payday loans in Michigan

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Here’s what you need to know about quick cash loans in Michigan.

Payday loans can be an option if you need cash to pay for an emergency expense, but you’ll want to make sure you’re getting the best deal. Read our guide on payday loans in Michigan before you take one out to save yourself time and money.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Must have direct deposit and meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Must have direct deposit and meet minimum income requirements
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How does payday lending in Michigan work?

Payday loans are allowed in Michigan. You can borrow up to $600 to be repaid in 31 days or less. Section 487.2121 et seq. of the Michigan Compiled Laws, referred to as the Deferred Presentment Service Transactions Act (Act 244 of 2005), governs the functioning of payday lenders.

This list simplifies how much you can borrow and what it will cost.

  • Maximum loan: $600
  • Loan term: 31 days or less
  • Financing fee: Varies by loan amount
  • APR: A 14-day $100 loan has an APR of 390%
  • Collection fees: Lenders are allowed one $25 non-sufficient funds (NSF) fee

A breakdown of financing fees:

  • First $100: 15%
  • Second $100: 14%
  • Third $100: 13%
  • Fourth $100: 12%
  • Fifth and sixth $100: 11%

You may only have two payday loans at once, but they must be from different lenders. Rolling over/refinancing your loan isn’t permitted unless the lender doesn’t charge a fee.

If you find any irregularities in your loan or wish to file a complaint, contact the Department of Insurance and Financial Services.

Possible changes to current laws

Be on the lookout for more information regarding the bills SB 430, SB 431 and SB 432. These would increase the amount consumers can borrow, which further increases the high-cost of payday loans. There are many consumer groups and activists against the bills, but even if they pass, remember that you should only borrow as much as you can afford.

Payday loans offered in Michigan

Check the websites of any providers you’re interested in to confirm they operate Michigan.

Updated April 22nd, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
OppLoans Installment Loans
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
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More Info
Jora Installment Loans
Jora Installment Loans
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
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More Info
LendYou Short-term Loans
LendYou Short-term Loans
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
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More Info
CashUSA Installment Loans
CashUSA Installment Loans
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
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CashNetUSA Loan
CashNetUSA Loan
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Apply for a short-term loan with an easy online application and dedicated customer service.
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More Info
LendUp Payday Loans
LendUp Payday Loans
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
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ACE Cash Express Short-term Loans
ACE Cash Express Short-term Loans
Varies by state
1 business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
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Compare up to 4 providers

Applying for a payday loan in Michigan

Lenders require you to be at least 18 years old, a citizen or permanent resident of the US and that you have a regular source of income. If you meet these basic requirements, you’ll need to supply your Social Security number, date of birth, information about your employment, contact details and a valid form of ID to fully complete your application.

If you’re applying online, you’ll also need to give the lender access to your checking account. This is so your loan can be deposited directly and your payments debited when your loan is due. Be careful, though–if you don’t have enough to pay back your loan, you can be charged overdraft fees by the bank and a NSF fee by the lender.

Before committing to a loan, think about alternatives

A payday loan can be a good option when you’re facing a financial crisis like an unexpected bill or a shortfall in your budget, but they aren’t best for long-term solutions to ongoing financial problems. Consider contacting local programs like Project FRESH or the Michican Medicare/Medicade Assitance Program (MMAP). These can help take care of other bills while you work on paying down your debt.

Check out our payday loan alternatives guide

Payday loan locations in Michigan

Bottom line

When you’re looking into paday loans, be sure to consider all the costs, how much interest you’ll be charged and the other options available to you before making a decision. Payday loans can be expensive, but when you’re in a rough patch, they can be used to get by and help pay down other debts.

Have more questions about Michigan payday loans?

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2 Responses

  1. Default Gravatar
    DianeJuly 19, 2017

    I do not have a checking account. I have used a rush card debit account for the past 7 years. I started receiving social security in 2012 and my social security check has always been deposited into this account. Are there any lenders that will consider using a debit account for a payday loan?

    Reply
    • finder Customer Care
      HaroldJuly 19, 2017Staff

      Hi Diane,

      Thank you for your inquiry.

      Yes, there are lenders who also considers debit account. You may want to consider the options here.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
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